If you’d like to secure the current FX rate but do not yet have sufficient balance in your account, you can book a flexible forward to lock a forward rate for an extended period of time and make the FX trade once your funds arrive.
- Go to “Payments” > “Forward“
- Choose the currency you wish to sell and the currency you wish to buy
- You can enter the amount in the funding currency or the buy currency
- Next, select a settlement date. You can select a settlement date up to 2 years from today
As you’re booking a forward contract, we’ll be charging you 5% of your sell or buy amount as a deposit and the due date for the deposit is T+2. Please ensure that you have enough funds in your sell or buy currency by the time the deposit is due.
- Review your trade details and click “Confirm trade“
After you’ve successfully booked the forward contract, your rate will be valid for your booked amount until your settlement date. You can make drawdowns to pay to your suppliers or settle into your World Account prior to the settlement date.
If no drawdowns are made, the system will automatically make the trade and settle the funds into the corresponding currency account on the settlement date. If the World Account does not support the holding of such currency, the trade will be cancelled and you’ll be charged a fee.
- To make drawdowns, go to “Payments” > “Transaction Management” and click on the “FX forward” tab
- Locate the trade and click on “Add payment“
- Here, you can only select to settle into your own WorldFirst currency account. If you would like to pay a supplier, you can proceed to make a payment with the converted funds
- After reviewing your payment details and clicking “Confirm payment“, you have successfully made a drawdown from this trade
To check if you have sufficient deposit, you can go to ‘Homepage’ and scroll to the Balance section. Hover over ‘unavailable balance’, you will be able to view the funds reserved as your forward deposit.
